Vornado Announces Fourth Quarter 2018 Financial Results

NET INCOME attributable to common shareholders for the quarter ended December 31, 2018 was $100.5 million, or $0.53 per diluted share, compared to $27.3 million, or $0.14 per diluted share, for the prior year’s quarter. Adjusting net income attributable to common shareholders for the items that impact the comparability of period-to-period net income listed in the table on page 2, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarters ended December 31, 2018 and 2017 was $51.0 million and $65.8 million, or $0.27 and $0.34 per diluted share, respectively.

FUNDS FROM OPERATIONS (“FFO”) attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended December 31, 2018 was $210.1 million, or $1.10 per diluted share, compared to $153.2 million, or $0.80 per diluted share, for the prior year’s quarter. Adjusting FFO attributable to common shareholders plus assumed conversions for the items that impact the comparability of period-to-period FFO listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarters ended December 31, 2018 and 2017 was $171.4 million and $187.1 million, or $0.90 and $0.98 per diluted share, respectively.

Year Ended December 31, 2018 Financial Results

NET INCOME attributable to common shareholders for the year ended December 31, 2018 was $384.8 million, or $2.01 per diluted share, compared to $162.0 million, or $0.85 per diluted share, for the year ended December 31, 2017. Adjusting net income attributable to common shareholders for the items that impact the comparability of period-to-period net income listed in the table on page 2, net income attributable to common shareholders, as adjusted (non-GAAP) for the year ended December 31, 2018 and 2017 was $243.9 million and $252.9 million, or $1.27 and $1.32 per diluted share, respectively.

FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the year ended December 31, 2018 was $729.7 million, or $3.82 per diluted share, compared to $717.8 million, or $3.75 per diluted share, for the year ended December 31, 2017. Adjusting FFO attributable to common shareholders plus assumed conversions for the items that impact the comparability of period-to-period FFO listed in the table on page 3, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the years ended December 31, 2018 and 2017 was $718.8 million and $713.0 million, or $3.76 and $3.73 per diluted share, respectively.

The following table reconciles our net income attributable to common shareholders to net income attributable to common shareholders, as adjusted (non-GAAP):

(Amounts in thousands, except per share amounts)

For the Three Months Ended December 31,

For the Year Ended December 31,

2018

2017

2018

2017

Net income attributable to common shareholders

$

100,494

$

27,319

$

384,832

$

162,017

Per diluted share

$

0.53

$

0.14

$

2.01

$

0.85

Certain (income) expense items that impact net income attributable to common shareholders:

(1) See page 10 for a reconciliation of our net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months and year ended December 31, 2018 and 2017.

Fourth Quarter Activity:

Acquisition:

Farley Office and Retail Building

On October 30, 2018, we increased our ownership interest in the joint venture that is developing the Farley Office and Retail Building to 95.0% from 50.1% by acquiring a 44.9% additional ownership interest from the Related Companies (“Related”). The purchase price was $41,500,000 plus the reimbursement of $33,026,000 of costs funded by Related through October 30, 2018. We consolidate the accounts of the joint venture as of October 30, 2018. In connection therewith, we recorded a net gain of $44,060,000, which is included in “purchase price fair value adjustment” on our consolidated statements of income. As a result of this gain, because we hold our investment in the joint venture through a taxable REIT subsidiary, $16,771,000 of income tax expense was recognized on our consolidated statements of income.

Financing:

On October 26, 2018, we extended our $750,000,000 unsecured term loan from October 2020 to February 2024. The interest rate on the extended unsecured term loan was lowered from LIBOR plus 1.15% to LIBOR plus 1.00% (3.52% as of December 31, 2018). In connection with the extension of our unsecured term loan, we entered into an interest rate swap from LIBOR plus 1.00% to a fixed rate of 3.87% through October 2023.

On November 16, 2018, we completed a $205,000,000 refinancing of 150 West 34th Street, a 78,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.88% (4.26% as of December 31, 2018) and matures in 2024, as extended. Concurrently, we invested $105,000,000 in a participation in the refinanced mortgage loan, which earns interest at a rate of LIBOR plus 2.00% (4.38% as of December 31, 2018) and also matures in 2024, as extended, and is included in “other assets” on our consolidated balance sheets. The property was previously encumbered by a mortgage of the same amount at LIBOR plus 2.25%, which was scheduled to mature in 2020.

Other:

220 Central Park South (“220 CPS”)

During the fourth quarter of 2018, we completed the sale of 11 condominium units at 220 CPS for net proceeds aggregating $214,776,000 and resulting in a financial statement net gain of $81,224,000 which is included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of income. In connection with these sales, $13,888,000 of income tax expense was recognized in our consolidated statements of income and $213,000,000 of the $950,000,000 220 CPS loan was repaid.

Fourth Quarter Activity – continued:

Leasing:

479,000 square feet of New York Office space (415,000 square feet at share) at an initial rent of $72.97 per square foot and a weighted average term of 7.7 years. The GAAP and cash mark-to-market rent on the 357,000 square feet of second generation space were positive 6.9% and 1.2%, respectively. Tenant improvements and leasing commissions were $10.22 per square foot per annum, or 14.0% of initial rent.

26,000 square feet of New York Retail space (17,000 square feet at share) at an initial rent of $211.34 per square foot and a weighted average term of 8.2 years. The GAAP and cash mark-to-market rent on the 7,000 square feet of second generation space were positive 3.0% and 1.1%, respectively. Tenant improvements and leasing commissions were $17.62 per square foot per annum, or 8.3% of initial rent.

46,000 square feet at theMART (all at share) at an initial rent of $60.73 per square foot and a weighted average term of 5.6 years. The GAAP and cash mark-to-market rent on the 46,000 square feet of second generation space were positive 8.7% and 3.2%, respectively. Tenant improvements and leasing commissions were $1.61 per square foot per annum, or 2.7% of initial rent.

Same Store Net Operating Income (“NOI”) At Share:

The percentage (decrease) increase in same store NOI at share and same store NOI at share – cash basis of our New York segment, theMART and 555 California Street are summarized below.

Total

New York(2)

theMART(3)

555 California Street

Same store NOI at share % (decrease) increase(1):

Three months ended December 31, 2018 compared to December 31, 2017

(6.3

)%

(3.1

)%

(56.6

)%

16.8

%

Year ended December 31, 2018 compared to December 31, 2017

0.8

%

1.4

%

(12.2

)%

14.9

%

Three months ended December 31, 2018 compared to September 30, 2018

(5.3

)%

(1.1

)%

(58.0

)%

3.8

%

Same store NOI at share – cash basis % (decrease) increase:

Three months ended December 31, 2018 compared to December 31, 2017

(1.7

)%

1.9

%

(49.8

)%

15.8

%

Year ended December 31, 2018 compared to December 31, 2017

3.9

%

4.3

%

(6.5

)%

18.1

%

Three months ended December 31, 2018 compared to September 30, 2018

(4.2

)%

—

%

(52.9

)%

5.7

%

____________________

(1)

See pages 12 through 17 for same store NOI at share and same store NOI at share – cash basis reconciliations.

Includes additional real estate tax expense accruals of $12,124,000 and $15,148,000 for the three months and year ended December 31, 2018, respectively, due to an increase in the tax-assessed value of theMART.

NOI At Share:

The elements of our New York and Other NOI at share for the three months and year ended December 31, 2018 and 2017 and the three months ended September 30, 2018 are summarized below.

(Amounts in thousands)

For the Three Months Ended

For the Year Ended

December 31,

September 30,

December 31,

2018

2017

2018

2018

2017

New York:

Office

$

186,832

$

189,481

$

184,146

$

743,001

$

721,183

Retail

85,549

90,853

92,858

353,425

359,944

Residential

5,834

5,920

5,202

23,515

24,370

Alexander’s

11,023

11,656

10,626

45,133

47,302

Hotel Pennsylvania

5,961

6,318

4,496

11,916

13,266

Total New York

295,199

304,228

297,328

1,176,990

1,166,065

Other:

theMART(1)

10,981

24,249

25,257

90,929

102,339

555 California Street

14,005

12,003

13,515

54,691

47,588

Other investments

9,346

23,377

13,524

60,010

85,391

Total Other

34,332

59,629

52,296

205,630

235,318

NOI at share

$

329,531

$

363,857

$

349,624

$

1,382,620

$

1,401,383

____________________

(1) Includes additional real estate tax expense accruals of $12,124 and $15,148 for the three months and year ended December 31, 2018, respectively, due to an increase in the tax-assessed value of theMART.

NOI At Share – Cash Basis:

The elements of our New York and Other NOI at share – cash basis for the three months and year ended December 31, 2018 and 2017 and the three months ended September 30, 2018 are summarized below.

(Amounts in thousands)

For the Three Months Ended

For the Year Ended

December 31,

September 30,

December 31,

2018

2017

2018

2018

2017

New York:

Office

$

185,624

$

175,787

$

181,575

$

726,108

$

678,839

Retail

80,515

83,320

84,976

324,219

324,318

Residential

5,656

5,325

5,358

22,076

21,626

Alexander’s

11,129

12,004

11,774

47,040

48,683

Hotel Pennsylvania

6,009

6,351

4,520

12,120

13,397

Total New York

288,933

282,787

288,203

1,131,563

1,086,863

Other:

theMART(1)

12,758

24,396

26,234

94,070

99,242

555 California Street

13,784

11,916

13,070

53,488

45,281

Other investments

8,524

23,179

13,374

58,795

83,155

Total Other

35,066

59,491

52,678

206,353

227,678

NOI at share – cash basis

$

323,999

$

342,278

$

340,881

$

1,337,916

$

1,314,541

____________________

(1) Includes additional real estate tax expense accruals of $12,124 and $15,148 for the three months and year ended December 31, 2018, respectively, due to an increase in the tax-assessed value of theMART.

Development/Redevelopment as of December 31, 2018

(Amounts in thousands, except square feet)

(At Share)

Excluding Land Costs

Full

Property

Available

Quarter

Rentable

Incremental

Amount

%

for

Stabilized

Current Projects

Segment

Sq. Ft.

Budget

Expended

Complete

Start

Occupancy

Operations

220 Central Park South – residential condominiums

Other

397,000

$

1,400,000

$

1,199,913

(1)

85.7

%

Q3 2012

N/A

N/A

Farley Office and Retail Building – (95.0% interest)

New York

850,000

760,000

137,267

(2)

18.1

%

Q2 2017

Q3 2020

Q2 2022

PENN1(3)

New York

2,545,000

200,000

(4)

9,725

4.9

%

Q4 2018

N/A

N/A

512 West 22nd Street – office (55.0% interest)

New York

173,000

72,000

52,505

(5)

72.9

%

Q4 2015

Q1 2019

Q3 2020

345 Montgomery Street (555 California Street) (70.0% interest)

Other

78,000

32,000

15,284

(6)

47.8

%

Q1 2018

Q3 2019

Q3 2020

606 Broadway – office/retail (50.0% interest)

New York

34,000

30,000

25,601

(7)

85.3

%

Q2 2016

Q4 2018

Q2 2020

825 Seventh Avenue – office (50.0% interest)

New York

165,000

15,000

4,484

29.9

%

Q2 2018

Q1 2020

Q1 2021

Total current projects

$

2,509,000

$

1,444,779

Property

Zoning

Future Opportunities

Segment

Sq. Ft.

Penn District – multiple opportunities – office/residential/retail

New York

TBD

PENN2 – office/retail

New York

TBD

Hotel Pennsylvania

New York

2,052,000

260 Eleventh Avenue – office(8)

New York

280,000

Undeveloped Land

29, 31, 33 West 57th Street (50.0% interest)

New York

150,000

484, 486 Eighth Avenue and 265, 267 West 34th Street

New York

125,000

527 West Kinzie, Chicago

Other

330,000

Rego Park III (32.4% interest)

Other

TBD

Total undeveloped land

605,000

_______________________

(1) Excludes land and acquisition costs of $515,426. (2) Excludes our share of the upfront contribution of $230,000 and net of anticipated historic tax credits. The building and land are subject to a lease which expires in 2116. (3) The building is subject to a ground lease which expires in 2098. (4) We expect the final budget will exceed $200,000 after anticipated scope changes. (5) Excludes land and acquisition costs of $57,000. (6) Excludes land and building costs of $31,000. (7) Excludes land and acquisition costs of $22,703. (8) The building is subject to a ground lease which expires in 2114.

Conference Call and Audio Webcast

As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, February 12, 2019 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-771-4371 (domestic) or 847-585-4405 (international) and indicating to the operator the passcode 48102474. A telephonic replay of the conference call will be available from 1:30 p.m. ET on February 12, 2019 through March 14, 2019. To access the replay, please dial 888-843-7419 and enter the passcode 48102474#. A live webcast of the conference call will be available on the Company’s website at www.vno.com and an online playback of the webcast will be available on the website following the conference call.

Supplemental Financial Information

Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. Vornado Realty Trust is a fully – integrated equity real estate investment trust.

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2018. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

CONTACT:JOSEPH MACNOW(212) 894-7000

VORNADO REALTY TRUST

CONSOLIDATED BALANCE SHEET

(Amounts in thousands, except unit, share, and per share amounts)

As of

December 31, 2018

December 31, 2017

ASSETS

Real estate, at cost:

Land

$

3,306,280

$

3,143,648

Buildings and improvements

10,110,992

9,898,605

Development costs and construction in progress

2,266,491

1,615,101

Moynihan Train Hall development expenditures

445,693

—

Leasehold improvements and equipment

108,427

98,941

Total

16,237,883

14,756,295

Less accumulated depreciation and amortization

(3,180,175

)

(2,885,283

)

Real estate, net

13,057,708

11,871,012

Cash and cash equivalents

570,916

1,817,655

Restricted cash

145,989

97,157

Marketable securities

152,198

182,752

Tenant and other receivables, net of allowance for doubtful accounts of $4,154 and $5,526

73,322

58,700

Investments in partially owned entities

858,113

1,056,829

Real estate fund investments

318,758

354,804

220 Central Park South condominium units ready for sale

99,627

—

Receivable arising from the straight-lining of rents, net of allowance of $1,644 and $954

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. A reconciliation of our net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions is provided above. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 3 of this press release.

In accordance with the NAREIT December 2018 restated definition of FFO, we have elected to exclude the mark-to-market adjustments of marketable equity securities from the calculation of FFO. Our FFO for the nine months ended September 30, 2018 has been adjusted to exclude the $26,602,000, or $0.13 per share, decrease in fair value of marketable equity securities previously reported.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS – CONTINUED

Below is a reconciliation of net income to NOI at share and NOI at share – cash basis for the three months and year ended December 31, 2018 and 2017 and the three months ended September 30, 2018.

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other

(5,532

)

(21,579

)

(8,743

)

(44,704

)

(86,842

)

NOI at share – cash basis

$

323,999

$

342,278

$

340,881

$

1,337,916

$

1,314,541

NOI represents total revenues less operating expenses. We consider NOI to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI should not be considered a substitute for net income. NOI may not be comparable to similarly titled measures employed by other companies.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS – CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended December 31, 2018 compared to December 31, 2017.

(Decrease) increase in same store NOI at share for the three months ended December 31, 2018 compared to December 31, 2017

$

(20,604

)

$

(8,888

)

$

(13,732

)

$

2,016

$

—

% (decrease) increase in same store NOI at share

(6.3

)%

(3.1

)%

(1)

(56.6

)%

(2)

16.8

%

—

%

(1) Excluding Hotel Pennsylvania, same store NOI at share decreased by 3.0%. (2) The three months ended December 31, 2018 includes an additional $12,814 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.

Same store NOI at share represents NOI at share from property operations which are owned by us and in service in both the current and prior year reporting periods. Same store NOI at share – cash basis is NOI at share from operations before straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments which are owned by us and in service in both the current and prior year reporting periods. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share – cash basis should not be considered as an alternative to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS – CONTINUED

Below are reconciliations of NOI at share – cash basis to same store NOI at share – cash basis for our New York segment, theMART, 555 California Street and other investments for the three months ended December 31, 2018 compared to December 31, 2017.

(Amounts in thousands)

Total

New York

theMART

555 California Street

Other

NOI at share – cash basis for the three months ended December 31, 2018

$

323,999

$

288,933

$

12,758

$

13,784

$

8,524

Less NOI at share – cash basis from:

Acquisitions

(336

)

(336

)

—

—

—

Dispositions

19

19

—

—

—

Development properties

(14,628

)

(14,642

)

—

14

—

Lease termination income

(563

)

(43

)

(520

)

—

—

Other non-operating income, net

(9,590

)

(1,066

)

—

—

(8,524

)

Same store NOI at share – cash basis for the three months ended December 31, 2018

$

298,901

$

272,865

$

12,238

$

13,798

$

—

NOI at share – cash basis for the three months ended December 31, 2017

$

342,278

$

282,787

$

24,396

$

11,916

$

23,179

Less NOI at share – cash basis from:

Acquisitions

2

2

—

—

—

Dispositions

76

76

—

—

—

Development properties

(13,677

)

(13,677

)

—

—

—

Lease termination income

(1,393

)

(1,393

)

—

—

—

Other non-operating income, net

(23,180

)

(1

)

—

—

(23,179

)

Same store NOI at share – cash basis for the three months ended December 31, 2017

$

304,106

$

267,794

$

24,396

$

11,916

$

—

(Decrease) increase in same store NOI at share – cash basis for the three months ended December 31, 2018 compared to December 31, 2017

(2)The three months ended December 31, 2018 includes an additional $12,814 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS – CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended December 31, 2018 compared to September 30, 2018.

(2)The three months ended December 31, 2018 includes an additional $12,124 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS – CONTINUED

Below are reconciliations of NOI at share – cash basis to same store NOI at share – cash basis for our New York segment, theMART, 555 California Street and other investments for the three months ended December 31, 2018 compared to September 30, 2018.

(Amounts in thousands)

Total

New York

theMART

555 California Street

Other

NOI at share – cash basis for the three months ended December 31, 2018

$

323,999

$

288,933

$

12,758

$

13,784

$

8,524

Less NOI at share – cash basis from:

Dispositions

19

19

—

—

—

Development properties

(14,628

)

(14,642

)

—

14

—

Lease termination income

(563

)

(43

)

(520

)

—

—

Other non-operating income, net

(9,590

)

(1,066

)

—

—

(8,524

)

Same store NOI at share – cash basis for the three months ended December 31, 2018

$

299,237

$

273,201

$

12,238

$

13,798

$

—

NOI at share – cash basis for the three months ended September 30, 2018

$

340,881

$

288,203

$

26,234

$

13,070

$

13,374

Less NOI at share – cash basis from:

Development properties

(14,342

)

(14,328

)

—

(14

)

—

Lease termination income

(318

)

(58

)

(260

)

—

—

Other non-operating income, net

(13,954

)

(580

)

—

—

(13,374

)

Same store NOI at share – cash basis for the three months ended September 30, 2018

$

312,267

$

273,237

$

25,974

$

13,056

$

—

(Decrease) increase in same store NOI at share – cash basis for the three months ended December 31, 2018 compared to September 30, 2018

(2)The three months ended December 31, 2018 includes an additional $12,124 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS – CONTINUED

Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the year ended December 31, 2018 compared to December 31, 2017.

(2)The year ended December 31, 2018 includes an additional $15,148 real estate tax expense accrual due to an increase in the tax-assessed value of theMART.

VORNADO REALTY TRUST

NON-GAAP RECONCILIATIONS – CONTINUED

Below are reconciliations of NOI at share – cash basis to same store NOI at share – cash basis for our New York segment, theMART, 555 California Street and other investments for the year ended December 31, 2018 compared to December 31, 2017.

(Amounts in thousands)

Total

New York

theMART

555 California Street

Other

NOI at share – cash basis for the year ended December 31, 2018

$

1,337,916

$

1,131,563

$

94,070

$

53,488

$

58,795

Less NOI at share – cash basis from:

Acquisitions

(1,235

)

(1,086

)

(149

)

—

—

Dispositions

(287

)

(287

)

—

—

—

Development properties

(42,264

)

(42,264

)

—

—

—

Lease termination income

(2,105

)

(1,163

)

(942

)

—

—

Other non-operating income, net

(61,515

)

(2,720

)

—

—

(58,795

)

Same store NOI at share – cash basis for the year ended December 31, 2018

$

1,230,510

$

1,084,043

$

92,979

$

53,488

$

—

NOI at share – cash basis for the year ended December 31, 2017

$

1,314,541

$

1,086,863

$

99,242

$

45,281

$

83,155

Less NOI at share – cash basis from:

Acquisitions

137

(63

)

200

—

—

Dispositions

(1,078

)

(1,078

)

—

—

—

Development properties

(38,211

)

(38,211

)

—

—

—

Lease termination income

(4,958

)

(4,927

)

(31

)

—

—

Other non-operating income, net

(86,501

)

(3,346

)

—

—

(83,155

)

Same store NOI at share – cash basis for the year ended December 31, 2017

$

1,183,930

$

1,039,238

$

99,411

$

45,281

$

—

Increase (decrease) in same store NOI at share – cash basis for the year ended December 31, 2018 compared to December 31, 2017